Cost-of-living pressures are prompting many people to spend less on routine healthcare – and businesses are feeling the impact in rising absenteeism.
According to Health Shield Friendly Society, absenteeism is - on average - costing organisations 9.5 days a year per employee.
But at the same time, many members of the workforce aren’t looking after themselves because of financial worries.
In fact, figures show that three-quarters are taking steps like cancelling dental appointments, physiotherapy and eye tests in order to save money.
And many are even going without food, with one in three (34%) saying they’ve skipped meals to help cut costs.
Employees regularly worry about money
The findings are a clear reminder to employers that problems at home can quickly become an issue in the workplace.
As Paul Shires, director at Health Shield, notes: “Smaller health concerns can quickly become more serious and harder to manage later on.”
So it’s in employers’ interests to support their team as they manage cost-of-living pressures and worry about making ends meet.
Figures from Health Shield show that eight in ten (80%) employees are worried about the cost of living, and almost one in three (29%) worry about money every day.
Money worries affect workplace performance
Money worries can also show in the form of reduced productivity, morale and performance.
Nearly half of those polled (48%) said cost-of-living pressures have affected their ability to do their work.
And notably, almost three-quarters (71%) of 18 to 27-year-olds said they felt this way, which means this issue is disproportionately affecting younger people in the workplace.
“Many employees [feel] financial pressure is affecting their focus, productivity and overall wellbeing day to day,” said Mr Shires.
“It is particularly concerning to see the scale of the impact on younger workers, who are often more financially vulnerable.”
Written by James Glynn
Senior Financial Content Writer
